CAMBRIDGE INTERNATIONAL AS & A LEVEL ACCOUNTING

Language worksheet 5.1

Dominos

A system of recording financial

transactions that recognises
1 2 Asset
that there are two sides to
every transaction.

2 Something that is owned by or 3 Non-current liability

owed to a business.

3 An amount owed by a business that 4 Sales ledger

is repayable in more than one year.

The book (or computer file) that

4 contains the individual accounts of 5 Current asset
all the business’s credit customers.

Cash and other assets, typically

5 inventory and trade receivables, 6 Trade discount
which are expected to give rise to
cash within 12 months.

Cambridge International AS & A Level Accounting – Malpas, Seagrove & Whatford © Cambridge University Press 2021 1
 CAMBRIDGE INTERNATIONAL AS & A LEVEL ACCOUNTING

A reduction in the selling price

6 of goods made by one trader 7 Nominal account
to another.

An account used to record

the revenue and expenses of
7 a business. It also relates to 8 Liability
an account or accounts that
record the revenue of the
business from sales.

8 Something owed by a business. 9 Trade payable

9 A supplier (or other parties) to 10 Purchases ledger

whom the business owes money.

The book (or computer file) that

10
contains the individual accounts of 11 Current liability
all the business’s credit suppliers.

11 An item that the business is due to

Trade receivable
pay within 12 months. 12

Cambridge International AS & A Level Accounting – Malpas, Seagrove & Whatford © Cambridge University Press 2021 2
 CAMBRIDGE INTERNATIONAL AS & A LEVEL ACCOUNTING

12 A customer (or other party) that 13 Carriage outwards

owes the business money.

13 The additional cost charged by the

14 Contra entry
seller to deliver goods sold.

The completing of both sides of the

14
double-entry within one account or 1 Double-entry bookkeeping
cash book.

Cambridge International AS & A Level Accounting – Malpas, Seagrove & Whatford © Cambridge University Press 2021 3